Bengal government will give ₹766 crore compensation to Tata Motors: Investment in car manufacturing in Singur, loss due to protest
Bengal government will give ₹766 crore compensation to Tata Motors: Tata Motors has won the compensation case from the West Bengal government. On Monday, the company said that an arbitration panel in the Singur-Nano project case has decided in its favor to recover Rs 766 crore including interest from West Bengal Industrial Development Corporation (WBIDC). Tata Motors has given this information in an exchange filing.
Tata Motors had invested in building an automobile production facility in Singur, West Bengal, but faced opposition and had to move it to Gujarat. Tata Motors sought compensation from WBIDC as their investment had fallen short. The Singur plant used to manufacture Tata Nano cars.
WBIDC is an important nodal agency of the Department of Industries, Commerce and Enterprise of West Bengal. Apart from this, the company will also get Rs 1 crore towards the cost of the action. This includes interest at 11% per annum from WBIDC from 1 September 2016 till actual recovery.
- On 18 May 2006, Tata Group Chairman Ratan Tata announced the setting up of a plant to manufacture Nano cars in Singur after a meeting with former West Bengal Chief Minister Buddhadeb Bhattacharya and former Minister of State for Commerce Nirupam Sen.
- Purchase of required land of 1,000 acres began. In 2006, the Hooghly district administration called all-party meetings on this matter thrice, from 27 May to 4 July. Trinamool Congress did not participate in these meetings.
- On 30 November 2006, there was a huge uproar in the West Bengal Assembly after Mamata Banerjee was stopped from going to Singur. Trinamool Congress MLAs dissolved the assembly. At present, many cabinet ministers are also included in these.
- From 3 December 2006, opposition leader Mamata Banerjee began a fast unto death in Kolkata against land acquisition for the Singur project.
- Prominent national leaders met him during his 25-day fast and expressed solidarity, including current Defense Minister Rajnath Singh and former Prime Minister Vishwanath Pratap Singh. Meanwhile, agitation continued across the state.
- Mamata Banerjee was also invited for discussions by Buddhadeb Bhattacharya on 18 August and 25 August 2008, but she declined.
- On 24 August 2008, Mamata Banerjee started a protest demanding the return of 400 acres of the 1,000 acres of land acquired for construction on the Dugarpur Express Highway adjacent to the Nano site.
- On 3 October 2008, two days before Durga Puja, Ratan Tata called a press conference at the Prime Hotel in Kolkata and announced the shifting of the Nano project out of Singur.
- Ratan Tata attributed this to the ongoing Trinamool Congress movement under the leadership of Mamata Banerjee. The Nano factory then shifted to Sanand, Gujarat.
Bengal government will give ₹766 crore compensation to Tata Motors: Tata Nano was launched at a price of Rs 1 lakh
In 2008, Ratan Tata announced his dream car, the Tata Nano, which targeted the country’s middle class. In Indian car history, this is the cheapest car. Ratan Tata launched it for Rs 1 lakh. Production had to be stopped in 2020 because people did not like this car.
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